Last checked at 25 Nov 2011 15:02
Nichols Plc - Grants under the Long Term Incentive Plan ("LTIP")
Nichols Plc (the "Company" or the "Group") (AIM: NICL), announces that it has today received notification from Brendan Hynes (Chief Executive) and Timothy Croston (Finance Director) that conditional share awards were granted to them on 23 November 2011 under the Nichols PLC Long Term Incentive Plan ("LTIP"), which was established in 2008 (and subsequently amended in 2010). This notification is made in accordance with Rule 17 of the AIM Rules.
On 23 November 2011, the Remuneration Committee determined to make a grant under the LTIP and a conditional award over 300,000 ordinary shares to its executive directors (the "Conditional Award") as follows:
Executive Director | Maximum number of Conditional Awards made | Maximum number of Conditional Awards Outstanding at this date |
Brendan Hynes | 225,000 | 225,000 |
Tim Croston | 75,000 | 89,729 |
No consideration was paid for the grant of the Conditional Awards. The Conditional Awards will become exercisable subject to the continued employment of the participant and the satisfaction of a number of performance conditions, including stretching earnings targets as set independently by the Remuneration Committee of the Company. These awards will be split equally into three tranches, over the next three reported annual accounting periods.
A copy of the rules of the LTIP is available to shareholders upon request.
Enquiries:
Tim Croston, Finance Director 01925 22 22 22
Mark Brady, Brewin Dolphin (NOMAD) 0845 213 4729